France’s biggest banking group, BNP Paribas, is about to slash up to 40 jobs across its APAC operations as it attempts to reduce the cost of operating in some smaller outposts.
Financial news company «Bloomberg» has reported that the Paris based firm will cut up to 40 jobs from its cash equities unit in APAC.
In Hong Kong it is expected that over a dozen jobs will be cut, while employees from Korea and other lesser markets will be transferred to Hong Kong. The firm is also getting out of the business in Indonesia.
Cuts in Europe
However it is not just in Asia that the bank is reducing headcount, as it tries to reduce expenses to help weather record-low interest rates, turbulent markets and tougher regulatory requirements.
Almost 700 positions are to go in Paris in both institutional and corporate banking.
